On January 10, 2022 NanoString Technologies, Inc. (NASDAQ:NSTG), a leading provider of life science tools for discovery and translational research, reported preliminary financial and operational highlights for the fourth quarter and fiscal year ended December 31, 2021 (Press release, NanoString Technologies, JAN 10, 2022, View Source [SID1234598482]).
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"NanoString exited 2021 on a high note, securing more than 50 new orders for our GeoMx DSP system during the fourth quarter. Our commercial momentum and leadership in spatial biology resulted in GeoMx revenue growth of almost 50% year-on-year, for both the fourth quarter and the full year," said Brad Gray, President and CEO of NanoString. "Our expanding portfolio of spatial biology solutions covers the full spectrum of applications across discovery and translational research, putting us in position for continued growth in the rapidly expanding spatial biology market. We’re already seeing strong early demand for our new CosMx Spatial Molecular Imager, as eager customers have pre-ordered a total of 20 systems ahead of the planned commercial launch later this year."
Operational Highlights
Spatial Biology
GeoMx DSP
Generated record orders for more than 50 GeoMx Digital Spatial Profiler (DSP) systems in the fourth quarter, representing approximately 80% growth as compared to the fourth quarter of 2020
Achieved record GeoMx consumable revenue of $6 million in Q4, representing annualized consumable pull-through of approximately $110,000 per installed system
Installed approximately 30 GeoMx systems in Q4, increasing the GeoMx installed base to approximately 255 systems as of December 31, 2021
CosMx SMI
Secured customer orders for 20 CosMx Spatial Molecular Imager (SMI) systems through a limited program open to existing and new GeoMx customers
Released the first high-resolution, single cell spatial dataset generated from formalin-fixed paraffin-embedded (FFPE) tissue using CosMx SMI
Published a manuscript in the online journal BioRxiv describing the CosMx SMI technology and performance
nCounter
Concluded 2021 with an nCounter installed base of approximately 1,050 systems, an increase of approximately 11% as compared to 2020
Recorded continued research momentum for the nCounter platform, with total scientific publications now exceeding 5,200, representing an increase of approximately 1,200 publications in the last 12 months
Financial Highlights
Total Product and Service Revenue
For the fourth quarter of 2021, product and service revenue is expected to be approximately $42 million, at the upper end of the company’s guidance range of $38 to $42 million and representing 18% growth as compared to the fourth quarter of 2020
For the full year 2021, product and service revenue is expected to be approximately $144 million, at the upper end of the company’s updated annual guidance range of $140 to $144 million and representing 29% growth as compared to the prior year
GeoMx DSP Revenue
For the fourth quarter, GeoMx DSP revenue is expected to be approximately $18 million, above the upper end of the company’s GeoMx revenue guidance range of $15 to $16 million and representing 48% growth as compared to the fourth quarter of 2020
For the full year, GeoMx DSP revenue is expected to be approximately $52 million, above the upper end of the company’s updated GeoMx revenue guidance range of $49 to $50 million and representing 49% growth as compared to the prior year
nCounter Revenue, Inclusive of all Service Revenue
For the fourth quarter, nCounter revenue, inclusive of all service revenue, is expected to be approximately $24 million, near the middle of the company’s nCounter revenue, inclusive of all service revenue guidance range of $23 to $26 million and representing 2% growth as compared to the fourth quarter of 2020
For the full year, nCounter revenue, inclusive of all service revenue, is expected to be approximately $92 million, near the middle of the company’s updated annual nCounter revenue, inclusive of all service revenue guidance range of $91 to $94 million and representing 20% growth as compared to the prior year
Cash, Cash Equivalents and Short-term Investments
As of December 31, 2021, cash, cash equivalents and short-term investments totaled approximately $350 million